Paying Off The House Wasn’t Our #1 Priority – but we did it anyway

Written by on · 8 Comments

Attention, Attention, EOD Nation!  I interrupt our usually scheduled program to bring you a very special post from our friend Steve Stewart, who has some very exciting news to share with us!  Take it away, Steve!!!! Today is the day! My wife and I are going to the bank and paying off the house! This is our Christmas gift to each other – and it is just what we wanted!  We purchased our home in 1999 on a 5/1 ARM, then refinanced it (twice) by 2003. I’d like to say paying off the house was our #1 priority, but it wasn’t.  […] Read more »

Use The 4 Keys of Consistency to Get Out of Debt

Written by on · 10 Comments
consistent get out of debt

When you decide to start getting out of debt, it can be hard because you’re attempting to live life in a new way.  You’re changing your mindset about money and developing new habits that you hope to be permanent. But while you’re in the midst of making all these changes, it can be easy to let some of those old habits and mindsets creep back in. Change is hard. That’s why it’s necessary to learn how to be consistent when you’re trying to getting out of debt.   It Takes Firmness of Character To Get Out of Debt One definition […] Read more »

Be Honest with Yourself First

Written by on · 5 Comments

“The lies we tell other people are nothing to the lies we tell ourselves.” ― Derek Landy Self-deception is nothing new for human beings. Researchers have been studying why we lie for decades and the reasons run the gamut from self-preservation to biological imperative. Lying to yourself can be a useful tool if you are attempting to overcome a psychological obstacle or maybe psyching yourself into a stronger performance. Where things seem to take negative turn is when you lie to escape accountability or hide serious issues from yourself. Personal finance is one area where people seem to lie to themselves […] Read more »

What Will You Do…With Your Tax Refund

Written by on · 29 Comments

If you are one of the millions of Americans slated to receive a tax refund this year, why not make your refund work for you? Of course you will be tempted to splurge on a vacation, start home renovations or maybe even buy something frivolous, but why not use it to improve your financial situation. If you are struggling with debt, have little to no emergency fund, or haven’t even begun to think about retirement those refund dollars could make a big difference. Reducing your debt and preparing for the “what if” are a great way to reduce daily stress […] Read more »

It’s a Win-Win: Get Rewarded for Saving

Written by on · 10 Comments

I recently heard about a really cool concept that started abroad and is making its way to the US—prize linked savings accounts. Just for doing what you’re already (hopefully, should be) doing, you are automatically entered to win a prize. Yes, adults like prizes and anything that is free just like kids do.; a novel idea that has more people thinking about saving for their future. This comes at just the right time, with the rate of savings in America at an all time low. A report issued by the non-profit Corporation for Enterprise Development, found almost one third of […] Read more »

Just Say No!

Written by on · 16 Comments

I’ve always had trouble with the word no even as a child. My mom claims she would have raised my brother ten times before having to raise me again. I was strong willed, stubborn and loved to say, “no”. Not much has changed since then, I am still strong willed and stubborn, the difference is now I can’t say no, to anyone. Extra responsibilities at work? Sure, no problem. We’d like you to be the head room parent this year. Ok, I can do that! Would you mind being the website coordinator for football? Yeah, I don’t see why not. […] Read more »

Don’t Let Debt Hold You Back

Written by on · 10 Comments

2012 is rapidly coming to a close and it’s time to start thinking about your goals for 2013. If you have debts consider developing a plan to make 2013 the year you get out. Interest Affects Your Bottom Line The exercise of defining all of your credit card debt and the subsequent interest rates should be a top “to do”. Start by pulling your free annual credit report and seeing what you owe and at what rate. Create a spreadsheet, document or put a pen to paper listing your debts. Then calculate how much money you are spending each month […] Read more »

There Is No Magic Pill for Debt Freedom

Written by on · 12 Comments

I can’t tell you the countless times I have been tempted by the magic pill. You know the one I am talking about; the one that claims you can lose 20 pounds in one month without exercising, get rich working just four hours a day, or the one you can take to get rid of your debt. The magic pill seems like an answer to your problems and the best part is you don’t have to do anything except swallow. Who wouldn’t be tempted? The problem with magic pills is that they are missing the key component to accomplishing any […] Read more »

Credit Card Negotiator

Written by on · 8 Comments

No it’s not William Shatner the Priceline negotiator, it’s you the credit card negotiator! You’ve got credit card debt that is starting to get out of control and you’ve decided it’s time to take the preverbal “bull by the horns”. So how do you get started? Who do you talk to? Where can you turn for help? Understanding how to negotiate credit card debt just may be the first step for getting your finances back in order. But first things first there are a few cardinal rules when it comes to negotiating with your creditors. 1. Know what you want. […] Read more »

Debt Free News #25 – Scraps

Written by on · 11 Comments

Every debt free story submitted is special. I smile from ear to ear every time I read a new submission. I’m equally as excited about today’s Debt Free News because today’s story comes from someone who has followed Enemy of Debt since the beginning.  It was readers like Scraps that kept me on the path to educating the world about debt and living a debt free life. Scraps is special to me because we have continued to chat over the years and we have often emailed back and forth about things she’s going through or just to chat about something […] Read more »

7 Habits of Debt-Free People

Written by on · 24 Comments

As an indebted individual I always admire those that live a completely debt-free lifestyle. My in-debtedness is for the most part to what most consider “good” debt; a mortgage and a few outstanding medical bills. My goal is to set up a payment plan for them and pay them all off by this time next year. I cut credit card debt out of my life in my late twenty’s only using credit cards to my advantage and paying the balances in full each month. Living debt free is a lifestyle choice that requires hard work and an affirmation for saying […] Read more »

“Back to School” Make Every Dollar Count

Written by on · 5 Comments

As much as we wish to preserve their innocence and keep them young forever, kids grow up before our eyes and their expenses often grow with them. “Back to school” season is upon us and added expenses ranging from new clothes, supplies for the classroom and extracurricular activities can throw a monkey wrench in your finances if you are not prepared. The National Retail Federation’s 2012 Back-to-School spending survey found that the average person with kids in grades K-12 will spend $688.62 on their children, up from $603.63 last year. If you have school age children, “back to school” can […] Read more »

2012 Meets the 1950’s

Written by on · Leave a Comment

Today’s stage is set for the I Love Lucy show. A devoted wife and mother Lucy didn’t work but depended on Ricky, her star performer husband to bring home the bacon. Lucy longed for the chance to be a star and if she were here today maybe even a credit card. The sad truth is that she wouldn’t be able to get one. Why? Well because of the Credit CARD Act of 2009. The act which was meant to protect people has put stay at home mom’s at arm’s length from applying for credit. In an effort to help students […] Read more »

Failing Financial Literacy?

Written by on · 6 Comments

Financial Literacy Month is a great time to take a look at how we are doing when it comes to making the grade with our financial knowledge. Millions of Americans are failing miserably and among them, are college students. With little financial finesse and the freedom to make their own decisions many are starting their financial lives in need of debt help. Researchers from five American universities recently conducted a survey on credit card debt and financial literacy among college students and released the results in April just in time for Financial Literacy Month. The findings confirm that our youth […] Read more »